ACA’s compliance team has created an easy-to-understand infographic breaking down the validation notice requirements. Editor’s note: This article is for members only.
The model validation notice is probably common lingo around the Reg F water cooler by now, but it’s also one of the foundations of the Consumer Financial Protection Bureau’s debt collection rule taking effect Nov. 30—and ACA International has the resources to help you understand every piece of it.
Reg F requires collectors to provide consumers with information about certain rights via the validation notice, Compliance Analyst Betsy Clarke reports in the November/December issue of Collector magazine.
The article includes a review of some of the basics in the validation notice and drills into key requirements.
To further assist members, ACA’s compliance team also created a flowchart on completing the model validation notice during initial communications with a consumer and components that indicate the mini-Miranda disclosure, information about the consumer’s debt and consumer protections.
To read the complete report in Collector magazine, click here: Knowledge Check: Reg F and the Validation Notice.
The tool will remain available for those who have purchased it as ACA transitions to the launch of our new website.
Some ACA services, including acainternational.org, could be unavailable for 4-48 hours starting at 6 p.m. Nov. 17.
Read ACA’s announcement to members about the new website for more information.
The next ACA Huddle, 11 a.m. CDT Nov. 17, will feature more information about Reg F in a discussion with Consumer Financial Protection Bureau staff and ACA Vice President and Senior Counsel of Federal Advocacy Leah Dempsey. Click here for more information on the ACA Huddle. Members can also complete a one-time registration for the ACA Huddle via Zoom, which will be able during the website launch. Click here to register for the ACA Huddle through Zoom.
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